Judging Obama's Handling of the Budget and the Economy Fairly

[Toddsterpatriot]

So medicare part D that was signed in 2003 and tax cuts in June, 2001 caused a recession that started in March, 2001. Got it.

Well, you're clear what you are

The recession started in 2001?
So we had 8 years of recession?
Really?

Wow you're stupid. There were two recessions.

Early 2000s recession - Wikipedia

Great Recession - Wikipedia

You didn't know that? Seriously? How old are you, 12? That would explain a lot, actually

Obama and the media didn't bother to tell him that.

I can't believe anyone didn't know there was a recession at the end of Slick's term and another at the end of W's. It's unbelievable

Stop kazzing already. There was no recession at the end of Clinton’s presidency.

http://www.nber.org/cycles.html

There was no recession at the end of Clinton’s presidency.

Exactly! The recession didn't start until March 2001.

 

[kaz]

The recession started in 2001?
So we had 8 years of recession?
Really?

Wow you're stupid. There were two recessions.

Early 2000s recession - Wikipedia

Great Recession - Wikipedia

You didn't know that? Seriously? How old are you, 12? That would explain a lot, actually

Obama and the media didn't bother to tell him that.

I can't believe anyone didn't know there was a recession at the end of Slick's term and another at the end of W's. It's unbelievable

Stop kazzing already. There was no recession at the end of Clinton’s presidency.

http://www.nber.org/cycles.html

There was no recession at the end of Clinton’s presidency.

Exactly! The recession didn't start until March 2001.

It actually started in 3q 2000. They revised 3q 2000 later to a tiny, tiny uptick and redefined the recession to start 2q 2001. Faun is kazzing

 

[kaz]

Bullshit. While subprime loans were around for years, they weren’t a problem until about 2003...

By 2003, the GSEs had already bought over $1 trillion worth of subprime loans.

Idiot. I just showed you it wasn’t a problem until 2003.

Problem or not, the GSEs were buying a shitload.

So why didn’t the Republican-led Congress do something to stop it?

I agree, Bush took Clinton's stupid ideas and made them worse.

Yep. And obama did the same again

 

[Toddsterpatriot]

By 2003, the GSEs had already bought over $1 trillion worth of subprime loans.

Idiot. I just showed you it wasn’t a problem until 2003.

Problem or not, the GSEs were buying a shitload.

So why didn’t the Republican-led Congress do something to stop it?

I agree, Bush took Clinton's stupid ideas and made them worse.

Yep. And obama did the same again

Obama's mortgage stupidity was back when he was a "community organizer".
Of course suing banks for losing money on crappy mortgages was all him.

 

[Faun]

Bullshit. While subprime loans were around for years, they weren’t a problem until about 2003...

By 2003, the GSEs had already bought over $1 trillion worth of subprime loans.

Idiot. I just showed you it wasn’t a problem until 2003.

Problem or not, the GSEs were buying a shitload.

So why didn’t the Republican-led Congress do something to stop it?

I agree, Bush took Clinton's stupid ideas and made them worse.

Making 1% ARM’s and doling then out to millions of people who couldn’t afford the adjustment, while waving downpayments, wasn’t Clinton’s stupid idea.

 

[Faun]

The recession started in 2001?
So we had 8 years of recession?
Really?

Wow you're stupid. There were two recessions.

Early 2000s recession - Wikipedia

Great Recession - Wikipedia

You didn't know that? Seriously? How old are you, 12? That would explain a lot, actually

Obama and the media didn't bother to tell him that.

I can't believe anyone didn't know there was a recession at the end of Slick's term and another at the end of W's. It's unbelievable

Stop kazzing already. There was no recession at the end of Clinton’s presidency.

http://www.nber.org/cycles.html

There was no recession at the end of Clinton’s presidency.

Exactly! The recession didn't start until March 2001.

Correct, and there would have been no recession at all if not for 9.11.

 

[Faun]

Wow you're stupid. There were two recessions.

Early 2000s recession - Wikipedia

Great Recession - Wikipedia

You didn't know that? Seriously? How old are you, 12? That would explain a lot, actually

Obama and the media didn't bother to tell him that.

I can't believe anyone didn't know there was a recession at the end of Slick's term and another at the end of W's. It's unbelievable

Stop kazzing already. There was no recession at the end of Clinton’s presidency.

http://www.nber.org/cycles.html

There was no recession at the end of Clinton’s presidency.

Exactly! The recession didn't start until March 2001.

It actually started in 3q 2000. They revised 3q 2000 later to a tiny, tiny uptick and redefined the recession to start 2q 2001. Faun is kazzing

”Faun is kazzing”

LOLOLOL

Even Kaz uses his own name synonymously with “lying.”



No, Kaz, I’m not kazzing. I even posted the link to the NBER’s website to prove what I said is accurate. And GDP figures are typically revised as more data comes in. So no, there was no recession at the end of Clinton’s presidency like you kazzed about.

 

[Toddsterpatriot]

By 2003, the GSEs had already bought over $1 trillion worth of subprime loans.

Idiot. I just showed you it wasn’t a problem until 2003.

Problem or not, the GSEs were buying a shitload.

So why didn’t the Republican-led Congress do something to stop it?

I agree, Bush took Clinton's stupid ideas and made them worse.

Making 1% ARM’s and doling then out to millions of people who couldn’t afford the adjustment, while waving downpayments, wasn’t Clinton’s stupid idea.

Bush write a lot of those 1% mortgages?

 

[kaz]

Wow you're stupid. There were two recessions.

Early 2000s recession - Wikipedia

Great Recession - Wikipedia

You didn't know that? Seriously? How old are you, 12? That would explain a lot, actually

Obama and the media didn't bother to tell him that.

I can't believe anyone didn't know there was a recession at the end of Slick's term and another at the end of W's. It's unbelievable

Stop kazzing already. There was no recession at the end of Clinton’s presidency.

http://www.nber.org/cycles.html

There was no recession at the end of Clinton’s presidency.

Exactly! The recession didn't start until March 2001.

Correct, and there would have been no recession at all if not for 9.11.

Faun is kazzing again. A recession that started 3/11 is because of 9/11. Cant make up the stupid that he actually is

 

[kaz]

Obama and the media didn't bother to tell him that.

I can't believe anyone didn't know there was a recession at the end of Slick's term and another at the end of W's. It's unbelievable

Stop kazzing already. There was no recession at the end of Clinton’s presidency.

http://www.nber.org/cycles.html

There was no recession at the end of Clinton’s presidency.

Exactly! The recession didn't start until March 2001.

It actually started in 3q 2000. They revised 3q 2000 later to a tiny, tiny uptick and redefined the recession to start 2q 2001. Faun is kazzing

”Faun is kazzing”

LOLOLOL

Even Kaz uses his own name synonymously with “lying.”



No, Kaz, I’m not kazzing. I even posted the link to the NBER’s website to prove what I said is accurate. And GDP figures are typically revised as more data comes in. So no, there was no recession at the end of Clinton’s presidency like you kazzed about.

The most effective way to talk to a four year old is like a four year old

 

[edthecynic]

Idiot. I just showed you it wasn’t a problem until 2003.

Problem or not, the GSEs were buying a shitload.

So why didn’t the Republican-led Congress do something to stop it?

I agree, Bush took Clinton's stupid ideas and made them worse.

Making 1% ARM’s and doling then out to millions of people who couldn’t afford the adjustment, while waving downpayments, wasn’t Clinton’s stupid idea.

Bush write a lot of those 1% mortgages?

5.5 million!

2002: President George W. Bush announced a new initiative to create 5.5 million new homeowners by 2010. “The goal is, everybody who wants to own a home has got a shot at doing so,” the President said at a June press conference in Washington. Among other things, the President cited “high down payments” as a barrier to homeownership that needed to be addressed. The President also said that both Fannie Mae and Freddie Mac would help in reaching the new goals.

 

[Faun]

Idiot. I just showed you it wasn’t a problem until 2003.

Problem or not, the GSEs were buying a shitload.

So why didn’t the Republican-led Congress do something to stop it?

I agree, Bush took Clinton's stupid ideas and made them worse.

Making 1% ARM’s and doling then out to millions of people who couldn’t afford the adjustment, while waving downpayments, wasn’t Clinton’s stupid idea.

Bush write a lot of those 1% mortgages?

No, but his policies and lack of oversight led to those problems.

 

[Toddsterpatriot]

Problem or not, the GSEs were buying a shitload.

So why didn’t the Republican-led Congress do something to stop it?

I agree, Bush took Clinton's stupid ideas and made them worse.

Making 1% ARM’s and doling then out to millions of people who couldn’t afford the adjustment, while waving downpayments, wasn’t Clinton’s stupid idea.

Bush write a lot of those 1% mortgages?

5.5 million!

2002: President George W. Bush announced a new initiative to create 5.5 million new homeowners by 2010. “The goal is, everybody who wants to own a home has got a shot at doing so,” the President said at a June press conference in Washington. Among other things, the President cited “high down payments” as a barrier to homeownership that needed to be addressed. The President also said that both Fannie Mae and Freddie Mac would help in reaching the new goals.

Thanks.
Now where did that say Bush wrote 5.5 million 1% mortgages?

The President also said that both Fannie Mae and Freddie Mac would help in reaching the new goals.

50% mandate, going up to 55%. DERP!

 

[Toddsterpatriot]

Problem or not, the GSEs were buying a shitload.

So why didn’t the Republican-led Congress do something to stop it?

I agree, Bush took Clinton's stupid ideas and made them worse.

Making 1% ARM’s and doling then out to millions of people who couldn’t afford the adjustment, while waving downpayments, wasn’t Clinton’s stupid idea.

Bush write a lot of those 1% mortgages?

No, but his policies and lack of oversight led to those problems.

Mandate trillions in subprime purchases, you'll incentivize lots of subprime lending.

 

[edthecynic]

So why didn’t the Republican-led Congress do something to stop it?

I agree, Bush took Clinton's stupid ideas and made them worse.

Making 1% ARM’s and doling then out to millions of people who couldn’t afford the adjustment, while waving downpayments, wasn’t Clinton’s stupid idea.

Bush write a lot of those 1% mortgages?

5.5 million!

2002: President George W. Bush announced a new initiative to create 5.5 million new homeowners by 2010. “The goal is, everybody who wants to own a home has got a shot at doing so,” the President said at a June press conference in Washington. Among other things, the President cited “high down payments” as a barrier to homeownership that needed to be addressed. The President also said that both Fannie Mae and Freddie Mac would help in reaching the new goals.

Thanks.
Now where did that say Bush wrote 5.5 million 1% mortgages?

The President also said that both Fannie Mae and Freddie Mac would help in reaching the new goals.

50% mandate, going up to 55%. DERP!

It said it was Bush's GOAL.

 

[Toddsterpatriot]

I agree, Bush took Clinton's stupid ideas and made them worse.

Making 1% ARM’s and doling then out to millions of people who couldn’t afford the adjustment, while waving downpayments, wasn’t Clinton’s stupid idea.

Bush write a lot of those 1% mortgages?

5.5 million!

2002: President George W. Bush announced a new initiative to create 5.5 million new homeowners by 2010. “The goal is, everybody who wants to own a home has got a shot at doing so,” the President said at a June press conference in Washington. Among other things, the President cited “high down payments” as a barrier to homeownership that needed to be addressed. The President also said that both Fannie Mae and Freddie Mac would help in reaching the new goals.

Thanks.
Now where did that say Bush wrote 5.5 million 1% mortgages?

The President also said that both Fannie Mae and Freddie Mac would help in reaching the new goals.

50% mandate, going up to 55%. DERP!

It said it was Bush's GOAL.

Bush and Clinton both had stupid goals for subprime borrowers.

 

[edthecynic]

Making 1% ARM’s and doling then out to millions of people who couldn’t afford the adjustment, while waving downpayments, wasn’t Clinton’s stupid idea.

Bush write a lot of those 1% mortgages?

5.5 million!

2002: President George W. Bush announced a new initiative to create 5.5 million new homeowners by 2010. “The goal is, everybody who wants to own a home has got a shot at doing so,” the President said at a June press conference in Washington. Among other things, the President cited “high down payments” as a barrier to homeownership that needed to be addressed. The President also said that both Fannie Mae and Freddie Mac would help in reaching the new goals.

Thanks.
Now where did that say Bush wrote 5.5 million 1% mortgages?

The President also said that both Fannie Mae and Freddie Mac would help in reaching the new goals.

50% mandate, going up to 55%. DERP!

It said it was Bush's GOAL.

Bush and Clinton both had stupid goals for subprime borrowers.

Nope, just Bush.

 

[Faun]

Obama and the media didn't bother to tell him that.

I can't believe anyone didn't know there was a recession at the end of Slick's term and another at the end of W's. It's unbelievable

Stop kazzing already. There was no recession at the end of Clinton’s presidency.

http://www.nber.org/cycles.html

There was no recession at the end of Clinton’s presidency.

Exactly! The recession didn't start until March 2001.

Correct, and there would have been no recession at all if not for 9.11.

Faun is kazzing again. A recession that started 3/11 is because of 9/11. Cant make up the stupid that he actually is

LOL

WTF is 3/11??

And who’s making anything up? You think 9.11 wasn’t the catalyst for that recession just because you’re ignorant of that fact?

The group also said the economy might have been able to avoid a recession without the impact of the Sept. 11 terrorist attack, which all but shut down the economy for several days and has had a lasting impact on tourism, the airline industry and other businesses.

Economists say recession began in March - Nov. 26, 2001​

By the way, are you going to put yourself on ignore for using the name “Kaz” as a synonym for liar?

 

[Toddsterpatriot]

Bush write a lot of those 1% mortgages?

5.5 million!

2002: President George W. Bush announced a new initiative to create 5.5 million new homeowners by 2010. “The goal is, everybody who wants to own a home has got a shot at doing so,” the President said at a June press conference in Washington. Among other things, the President cited “high down payments” as a barrier to homeownership that needed to be addressed. The President also said that both Fannie Mae and Freddie Mac would help in reaching the new goals.

Thanks.
Now where did that say Bush wrote 5.5 million 1% mortgages?

The President also said that both Fannie Mae and Freddie Mac would help in reaching the new goals.

50% mandate, going up to 55%. DERP!

It said it was Bush's GOAL.

Bush and Clinton both had stupid goals for subprime borrowers.

Nope, just Bush.

Jack Cashill, writing for the American Thinker, notes: "HUD, which Congress had made the regulator of Fannie Mae and Freddie Mac in 1992, began to pressure these agencies to set numerical goals for affordable housing, even if that meant buying subprime mortgages. The media cheered the agencies on."

Under HUD Secretary Andrew Cuomo, the agency became particularly aggressive, in 2000 making a goal of over $1 trillion in new loans to low-income minority households. Fannie Mae and Freddie Mac were told to make at least half of their loans to low- and moderate-income borrowers, mainly minorities.

Banks suddenly found that regulators had the power to refuse their branch expansions or reject a merger if they weren't making enough loans to otherwise unqualified minority borrowers. So they played along. They made the loans, and Freddie and Fannie bought the loans right back. It was like a game of musical chairs, and the Fed kept the game going in the early 2000s by cutting interest rates.

Every time Republicans in Congress or President Bush talked about reforming housing programs, Democrats like Rep. Barney Frank of Massachusetts and Sen. Chris Dodd of Connecticut threw fits, threatening to gum up Congress and implying that GOP lawmakers were racists. The Republicans backed off.

From 1997 to 2007, with the Fed slashing interest rates and flooding the banking system with liquidity, home lending soared. Banks abandoned long-standing lending standards to avoid being punished by regulators or singled out by newly empowered "community groups" such as ACORN as anti-minority.

"As a result of these policies," wrote Peter J. Wallison, a member of the Financial Crisis Inquiry Commission, in a scathing dissent from the group's official findings, "by the middle of 2007, there were approximately 27 million subprime and Alt-A mortgages in the U.S. financial system — half of all mortgages outstanding — with an aggregate value of over $4.5 trillion." And by 2008, Fannie and Freddie had on their books more than three-quarters of all U.S. subprime and Alt-A loans made.

Sorry, Hillary, You And Bill — Not Tax Cuts — Caused The Financial Crisis | Stock News & Stock Market Analysis - IBD

 

[Toddsterpatriot]

Bush write a lot of those 1% mortgages?

5.5 million!

2002: President George W. Bush announced a new initiative to create 5.5 million new homeowners by 2010. “The goal is, everybody who wants to own a home has got a shot at doing so,” the President said at a June press conference in Washington. Among other things, the President cited “high down payments” as a barrier to homeownership that needed to be addressed. The President also said that both Fannie Mae and Freddie Mac would help in reaching the new goals.

Thanks.
Now where did that say Bush wrote 5.5 million 1% mortgages?

The President also said that both Fannie Mae and Freddie Mac would help in reaching the new goals.

50% mandate, going up to 55%. DERP!

It said it was Bush's GOAL.

Bush and Clinton both had stupid goals for subprime borrowers.

Nope, just Bush.

Nope, just Bush.

Under Clinton's Housing and Urban Development (HUD) secretary, Andrew Cuomo, Community Reinvestment Act regulators gave banks higher ratings for home loans made in "credit-deprived" areas. Banks were effectively rewarded for throwing out sound underwriting standards and writing loans to those who were at high risk of defaulting. If banks didn't comply with these rules, regulators reined in their ability to expand lending and deposits.

These new HUD rules lowered down payments from the traditional 20 percent to 3 percent by 1995 and zero down-payments by 2000. What's more, in the Clinton push to issue home loans to lower income borrowers, Fannie Mae and Freddie Mac made a common practice to virtually end credit documentation, low credit scores were disregarded, and income and job history was also thrown aside. The phrase "subprime" became commonplace. What an understatement.

Kudlow: Are the Clintons the real housing crash villains?